First Trust/confluence Correlations

Mutual Funds . USA . 
Fund . First Trustconfluence Small
FOVCX Fund  USD 17.94  0.01  0.06%   
The current 90-days correlation between First Trust/confluence and Calvert High Yield is 0.17 (i.e., Average diversification). The correlation of First Trust/confluence is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust/confluence Correlation With Market

Almost no diversification

The correlation between First Trustconfluence Small and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trustconfluence Small and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trustconfluence Small. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with First Mutual Fund

  0.78FTMAX Franklin TempletonPairCorr
  0.83FTMCX First Trust MultiPairCorr
  0.73FDHIX First Trust ShortPairCorr
  0.66FDHCX First Trust ShortPairCorr
  0.72FDHAX First Trust ShortPairCorr
  0.73VARBX Vivaldi Merger ArbitragePairCorr
  0.72VARCX First Trust MergerPairCorr
  0.73VARAX Vivaldi Merger ArbitragePairCorr
  1.0FOVIX First Trust/confluencePairCorr
  1.0FOVAX First Trust/confluencePairCorr
  0.76FPEIX First Trust PreferredPairCorr
  0.76FPEFX First Trust PreferredPairCorr
  0.73FPECX First Trust PreferredPairCorr
  0.74FPEAX First Trust PreferredPairCorr
  0.76FPERX First Trust PreferredPairCorr
  0.91VSMAX Vanguard Small CapPairCorr
  0.91VSCIX Vanguard Small CapPairCorr
  0.91VSCPX Vanguard Small CapPairCorr
  0.91NAESX Vanguard Small CapPairCorr
  0.9FSSNX Fidelity Small CapPairCorr
  0.89DFSTX Us Small CapPairCorr
  0.86FTHSX Fuller Thaler BehavioralPairCorr
  0.86FTHNX Fuller Thaler BehavioralPairCorr
  0.85PASVX T Rowe PricePairCorr
  0.81PRVIX T Rowe PricePairCorr
  0.78WHIAX Ivy High IncomePairCorr
  0.79IVHIX Ivy High IncomePairCorr
  0.78IHIFX Ivy High IncomePairCorr
  0.77WRHIX Ivy High IncomePairCorr
  0.78WHIYX Ivy High IncomePairCorr
  0.89XDIAX Nuveen Dow 30PairCorr
  0.64VWIUX Vanguard Intermediate-terPairCorr
  0.87AAMIX Absolute Capital AssetPairCorr
  0.86DGINX Dgi BalancedPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between First Mutual Fund performing well and First Trust/confluence Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze First Trust/confluence's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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